new trends in marketing-final

8/17/2019 New Trends in Marketing-final

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NEW TRENDS INMARKETING


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I n t e g r a t e d

M a r k e t i n g

I n t e g r a t e d M

a r k e t i n g

P e r m i s s i o n

M a r k e t i n g P e r m

i s s i o n M a r k e t i n g

M e a n i n g f u l M a r k e t i

n g

M e a n i n g f u l M a r k e

t i n g

NEW TRENDS INMARKETING


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INTEGRATED MARKETING


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Integrated Marketingmeans:

•Transforming business

from concept to customer

•Congruence of vision,culture and brand

•Seamless organisation

•Brand harmony across allcustomer Touchpoints

!all channels, platforms,media"


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Integrated marketing is essential to getting a better return on investment

!#$I". By integrating all marketing materials you can increase profits at very littleexpense.

What is Integrated Marketing

Integrated marketing is more than just having a consistent look and feel to all ofyour marketing materials.

Integrated marketing is the process of interlinking all marketing materialsto enhance their effectiveness.

For example, lets say that Larry's idgets just spent !"","""."" on a ne##e$site. Larry then sits $ack and #aits for the money to roll in. %erry's idgets,

Larry's $iggest competition, follo#s suit and spends !"","""."" on a ne##e$site. %erry then adds the ne# #e$site address to his letterhead, $usinesscards, $rochures, t.v. commercials, radio ads, flyers, t&shirts, $ill$oards, golf $alls,direct mail ads, etc.

hich company is more likely to get a $etter return on investment from their#e$site (B), Larry just #ent out of $usiness*.

What does it cost


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6

The Changing CommunicationsEnvironment

)#o Factors

are +hanging the Face of )odays

-arketing +ommunications

Improvements inInformation )echnology

/as Led to0egmented -arketing-ore Narrowcasting

-arketers /ave 0hifted 1#ay From -ass

-arketingLess Broadcasting

- a r k e t F r a g m e n t a t i o n L e d

t o

- e d i a F r a g m e n t a t i o n


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7

e ee or ntegrateMarketing

Communications

With Integrated Marketing

Communications (IMC), the CompanyCaref!!y Inte"rate# an$ Coor$inate#It# Many Commni%ation# Channe!#to De!i&er a C!ear, Con#i#tent, an$

Compe!!in" Me##a"e A'ot ther"aniation an$ It# *ro$%t or

Ser&i%e+


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2o#, lets look at the costs involved #ith integrated marketing. /o# much moredid %erry have to spend to get that extra return

The cost is minimal. 1dding ne# #e$site address to the next $atch of $usinesscards, letterheads, $rochures, etc. pro$a$ly #on't cost much at all. /o#ever, theincrease to the effectiveness of the #e$site #ent up exponentially

Integrated Marketing - A Necessity

Increasing return on investment should be a ma%or goal for any organi&ation'

If marketing isn(t consistent and integrated, the company is losing money')valuation of current marketing plan is necessary to check if one is integrating allmarketing materials, or are there places *here you could improve'The place most businesses fail is in integrating their marketing materials to their salespeople'

If the salesperson can(t capitali&e on the marketing, the money is *asted'

+urthermore, if the salesperson doesn(t kno* about the marketing plan or specific dealsthat are running, you have not integrated your marketing'

$ne must integrate the marketing from conception to sales receipt and beyond for anymarketing plan to succeed'


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0ellers 2eed to3no# hat 1udiences)hey ish to 4each

and 4esponse5esired.

0ellers 2eed to3no# hat 1udiences

)hey ish to 4eachand 4esponse

5esired.

0ellers -ust $e 6oodat 7ncoding -essages)hat )arget 1udience

+an 5ecode.

0ellers -ust $e 6oodat 7ncoding -essages)hat )arget 1udience

+an 5ecode.

Key Factorsin

Good Communication

0ellers -ust 0end-essages )hrough -edia that 4each )arget 1udiences

0ellers -ust 0end-essages )hrough -edia that 4each )arget 1udiences

Se!!er# M#t De&e!op-ee$'a%. Channe!# to

A##e## A$ien%e/#Re#pon#e toMe##a"e#+

Th E i Th


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Three Emerging Themesof

Integrated Marketing

' Marketing should be more targeted'/o#ever, its advantages have $een stretched to the point of advocating 8segments 9 of&

one 8 as an o$jective in itself.:art of the appeal of any $rand is that its value is shared and ackno#ledged $y other

people. 7.g. a pair of jeans might fit you exactly $ut if it doesnt stand for anythingamong your peer group, it does not signify enough value. Marketing needs to beintegrated over more finely targeted segments of consumers.

-' .eed to vie* the consumer as a *hole. )aking a more multi&dimensional vie# ofthe consumer may lead to larger opportunities than the one 9time sale or even repeat

purchase of a single product.3ey dimensions to this are

a* )ime long term value of the consumer.$* +hoices of related products opportunity for more cross&selling and up&selling.c* +onsumers protection needs $ecome an opportunity for taking a $rand across many

different platforms, from insurance to alarm systems. +ross platform $randing.

Integrating over time and other dimensions of consumer behaviour.


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Three Emerging Themesof

Integrated Marketing

;' /o* *e communicate *ith our consumers'

Focus has to shift $eyond measured media like television. +onsumers have manytouch points or contact points #ith the $rands. -any of these are not media

exposures.

Marketing needs to be integrated over both measured media and other

communication opportunities.


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Traditiona Functiona !ie" ofTraditiona Functiona !ie" of

MarketingMarketing

Business +unctions

Marketing

+inance

#esearch Planning

Marketing Mi0

• 1ttri$utesrchestrated


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ea ness o eTraditiona !ie"

•Functional decisions are made #ith the +onsumers needs in mind.

•:roduct :ositionings are often too product centric and too similar to the positioningsof competitive products.

•+onsumers feel that many marketing efforts amount to over$lo#n hype.

•:ressure to define segments too $roadly to maximi?e availa$le market. 0o the

positioning has to $e made very general. +larity is lost in the process.

•It #orks $est #hen a high level of orchestration is achieved. It is more limited #henareas (typically areas outside promotion* resist coordination #ith marketing.

•>rchestration also $ecomes pro$lematic #hen companies neglect the functions ofresearch and planning. 0ome companies do planning #ithout research or go from

research directly to marketing mix.

•+onsumers identify more #ith the specific product than the larger $rand concept.

•Integrated -arketing is a #ay of capturing the missed opportunities inherent in the#eaknesses of the traditional vie# of marketing.


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+ustomi?ed 7xperiences

0u$&segment @ 0u$&segment A

4elationship 4elationship

5ifferent +ontacts 5ifferent +ontacts

1 2ision of Integrated Marketing


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The "ay for"ard

-arketing

•-ust $e more strategic in creating strong $rand concepts that make

corporate strategy happen.

•-ust focus on a full range of contacts #ith consumers as they unfoldover time and lead to a total of consumer experience that is alleged #itha strong $rand concept.

•-ust customi?e consumer experiences in a #ay that still allo#s formarketing to large num$ers of consumers.


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"The purpose of business is to create and keep a

customer."

Theodore Levitt, The Marketing Imagination


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“People don’t want quarter inch drill bits.

They want quarter inch holes.”


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The0n$er!yin"

*remi#e#


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*remi#e

the single most important asset of your company is . . .

Your

Customers!


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*remi#e 1

not all customers are created eCual


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3I)T C$4)

56

6 of Sales 1nnual profit

6 of /ouseholds

576

86

96

96

; 6

56

56


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*remi#e 2

it costs D times more to acCuire a ne#customer than to keep an existing

customer.


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The A$ Spen$ Di#%onne%t3

3The E%onomi#t, A ri! 1, 1445


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The E&o!tion of C#tomer#3

3Cooptin" C#tomer Competen%e, *raha!a$ Rama#8amy,9:R on C#tomer Re!ation#hip Mana"ement

A%ti&e$ia!o"e

Re!ation#hipmar.etin"

Data'a#e$%ommni%ation

ne8ay,tar"ete$ "rop#

Communication

Co$e&e!oper#

*ro&i$e for%#tomer#'a#e$ ono'#er&ation#

Shift fromSe!!in" tohe!pin"

Mar.et Re#ear%hInteraction

C#tomer i#in$i&i$a! part of#o%ia! "rop

C#tomer i# aper#on

C#tomer i# anin$i&i$a!#tati#ti%

C#tomer i# ana&era"e #tati#ti%

ManageriaMind$set

:eyon$1444

;;4#


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'ermission'ermission

MarketingMarketing


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Permission Marketing

De)nition• permission marketing

9 Mar.etin" %entere$ aron$ o'tainin" %#tomer %on#entto re%ei&e information from a %ompany+

• Coine$ an$ pop!arie$ 'y Seth Go$in, permissionmarketing i# the oppo#ite of tra$itiona! interruptionmarketing+ *ermi##ion mar.etin" i# a'ot 'i!$in" anon"oin" re!ation#hip of in%rea#in" $epth 8ith %#tomer#+ Inthe 8or$# of Seth Go$in, >trnin" #tran"er# into frien$#,an$ frien$# into %#tomer#+>

• *ermi##ion mar.etin" ha# 'een hai!e$ a# a 8ay formar.eter# to #%%ee$ in a 8or!$ in%rea#in"!y %!ttere$ 8ithmar.etin" me##a"e#


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'ermission Marketing

E:ermission -arketingE && the ground$reaking concept that ena$les marketers to shape their

message so that consumers #ill #illingly accept it.

hether it is the )= commercial that $reaks into our favorite program, or the telemarketing phonecall that disrupts a family dinner, traditional advertising is $ased on the hope of snatching ourattention a#ay from #hatever #e are doing. 0eth 6odin calls this Interruption -arketing, and, ascompanies are discovering, it no longer #orks.

Instead of annoying potential customers $y interrupting their most coveted commodity && time &&:ermission -arketing offers consumers incentives to accept advertising voluntarily.

2o# this Internet pioneer introduces a fundamentally different #ay of thinking a$out advertisingproducts and services.

By reaching out only to those individuals #ho have signalled an interest in learning more a$out aproduct, Permission Marketing enables companies to develop longterm relationships *ithcustomers, create trust, build brand a*areness and greatly improve the chances ofmaking a sale'


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In his ground$reaking $ook, 6odin descri$es the four tests of :ermission-arketing

@.5oes every single marketing effort you create encourage a learning relationship#ith your customers 5oes it invite customers to Eraise their handsE and startcommunicating

A. 5o you have a permission data$ase 5o you track the num$er of people #ho

have given you permission to communicate #ith them

;. If consumers gave you permission to talk to them, #ould you have anything tosay /ave you developed a marketing curriculum to teach people a$out yourproducts

. >nce people $ecome customers, do you #ork to deepen your permission tocommunicate #ith those people


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Introduction

#hat is (ermission marketing*

:ermission marketing envisions every customer shaping the targeting$ehavior of marketers.

+onsumers empo#er a marketer to send them promotional messages incertain interest categories.

)he marketer then matches anticipated, personal, and relevantadvertising messages #ith the interests of consumers.


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In#i"ht# ?ere$ 'y*ermi##ion Mar.etin"

Cocreation and consumer contro+

CocreationGpermission

marketing envisions marketersand consumers as partners increating a marketing mix.

Consumer control G1 key

element of permission marketingis consumer control. 1 firmcannot send a message to aconsumer #ithout theirpermission.


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*ermi##ion &er##Data'a#e Mar.etin"

hat are the key differences

@. )raditional data$ases rarely involve consumer consent.

A. :ermission marketing programs using e&mail are muchcheaperGthe content creation and message deliverycosts are $oth lo#er.

;. :ermission marketing occurs much faster due to the useof e&mail.

E mai! i# Synonymo#


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Emai! i# Synonymo#8ith

*ermi##ion Mar.etin"

)he use of e&mail introduces three

capa$ilities1. Interactivity Gmeans t#oay, rather than oneay

communication.. !apidity Gmeans that a message can travel s#iftly from

marketer to consumer, providing Cuick feed$ack.". !eachGe&mail provides good reach since a large

proportion of the population has an e&mail address.

E mai! i# Synonymo# 8ith


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Emai! i# Synonymo# 8ith*ermi##ion Mar.etin"

(%ontine$)

Figure H.@ -edia Buyers :erception of -ost 4esponsive -arketing -ethod


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Di?erent Type# of*ermi##ion

hat are opt&out, opt&in, and dou$le orconfirmed opt&in

1. #pt$#ut &&refers to the situation #here a marketer sends anunsolicited e&mail and then provides individuals an optionof not receiving future messages.

. #pt$In$$reCuires the consumer to tell the corporationexplicitly that it has permission to send messages.

;. %ouble or Confirmed #pt$InG#hen $uilding e&mail listsmarketers must send a confirmation e&mail to all individuals#ho have opted in to ensure that the consumer is indeedinterested.


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Di?erent Type# of*ermi##ion (%ontine$)

Four $usiness models can $e used toaccomplish opt&in

1. %irect relationship maintenanceGconsumers sign on forsales alerts in order to receive e&mail #hen specials areoffered.

. &ermission partnershipGthe consumer provides a portal or

media site #ith permission to send him or her promotionaloffers.


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Di?erent Type# of*ermi##ion (%ontine$)

Four $usiness models can $e used toaccomplish opt&in (continued*

;. 1d marketGconsumer provides detailed information a$outhis or her preferences and interests to an infomediary,#hich then uses this information to identify advertisers.

. :ermission pool&&different consumers provide differentfirms #ith permission to send them promotional offers.

*ermi##ion Mar.etin" for


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*ermi##ion Mar.etin" forE@i#tin" C#tomer

Re!ation#hip#/o# does a firm determine #hether or not ithas permission to send promotionalmessages to existing consumers

@. 5etermine the customers expectations.A. 5etermine the level of relationship #ith the customer.;. 4ecall #hat the customer #as told #hen the data$ase

#as $uilt.



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Re!ation#hip# (%ontine$)/o# does a firm determine #hether or not ithas permission to send promotionalmessages to existing consumers (continued*

. 5etermine if the customer feels that the company plays arole in his or her life.

D. 5etermine the level of permission the customer has giventhe company.



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Re!ation#hip# (%ontine$))a$le H.; provides a guide for managers to use to determine the levelof permission.)a$le H.; %udging the Level of :ermission #ith 7xisting +ustomers

?o*est level ofpermission

.e* customer

Infre@uent shopper

.egative response to promotions

/as complained about shopping e0perience

Medium level ofpermission

Steady purchase historyMedium customer loyalty

#esponds to some promotions



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Re!ation#hip# (%ontine$))a$le H.; %udging the Level of :ermission #ith 7xisting +ustomers(continued*

/igh level of

permission

Contacts company for information

?oyal shopper

/igh response to promotions

)nthusiastic about brand

#efers others to company

?ong purchase history

i i . i


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*ermi##ion Mar.etin" :e#t*ra%ti%e#

>xmans advice for $uilding an e&mail list

@. 7xplain in simple 7nglish, and in plain vie#, the complete intendeduse of the e&mail address.

A. 1void using a 8must&fill field for the e&mail address.;. 1l#ays send a confirmation auto&reply immediately follo#ing

registration.. 1sk only critical targeting Cuestions, minimi?ing the online

collection of $asic demographic data.

* i i M . i :


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*ermi##ion Mar.etin" :e#t*ra%ti%e# (%ontine$)

0ome pro$lems #ith permission marketingexist

@. +onsumers are typically asked for their permission #henthey initially register, and then never asked to revisit theirpreferences.

A. +ustomers give their permission once, and are thereafterrepeatedly targeted #ith marketing messages.

* i i M . i :


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0ome pro$lems #ith permission marketingexist (continued*

;. +onsumers are freCuently asked to opt&in to categories thatare too $road.

. :ermission marketing places demands on consumers.

* i i M . ti : t


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)he follo#ing elements must $e included in the creation of everypermission marketing campaign

7xplicit permission seekingprocess

=erification process 4ecognition of relationship

1ccess to personalinformation +ommunication control Frictionless exit a$ility


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Mea#rin" Con#mer Intere#t in a*ermi##ion Mar.etin" *ro"ram

+onsumers must $e engaged and participate #holeheartedly for asuccessful program. 3ey metrics to help ensure this include

1. #pt$out rateGthe proportion of your data$ase that has optedout of your program.

. 'irtual opt$out rateGthe proportion of your data$ase that hasnot responded to any offer you have sent out during a six&month period.

Mea#rin" Con#mer Intere#t in a


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Mea#rin" Con#mer Intere#t in a*ermi##ion Mar.etin" *ro"ram

(%ontine$)

3ey metrics (continued*

;. (ero communication rateGthe proportion of your data$ase

that has not communicated #ith you in any #ay over thelast six months.

. &rofile updation rateGthe proportion of the data$ase thathas updated its profile in the last six months.

S t i i C


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S#tainin" Con#merIntere#t in the *ro"ram

hat t#o $enefits can increase an individualsinterest in a permission marketing program

1. Message relevanceGmust $e relevant to the individualsneeds.

. Monetary benefit Gmust $e consistent #ith the individualsneeds.

S#tainin" Con#mer


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S#tainin" Con#merIntere#t in the *ro"ram

(%ontine$))hree mental transaction&related costs existand must $e considered to sustain consumerinterest

@. Information entry


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Five ,te(s to Dating yourCustomer


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1. O f fe r t he p ros pec t

a n i nce n t i ve to vo l u n tee r.

2. Us i n t he a t te n t io

n o f fe red b y t he p ros p

ec t! o f fe r a c u r r ic u l u "

o ve r t i "e! teac h i n t h

e co ns u "e r a bo u t yo

u r p rod uc t o r

se r v ice.

#. $e i n fo rce t he i nce

n t i ve to ua ra n tee t ha t t he p ros pec t

"a i n ta i ns t he pe r " is

s io n.

%. O f fe r add i t io na l i n

ce n t i ves to e t e ve n "

o re pe r " iss io n f ro "

t he co ns u "e r.

&. O ve r t i "e! le ve rae

t he pe r " iss io n to c ha ne co ns u "

e r

be ha v io u r to wa rd p r

o f i t.

Five ,te(s to Dating yourCustomer

'ermission Marketing'ermission Marketing


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'ermission Marketing'ermission Marketingisis

Antici(ated- 'ersona-Antici(ated- 'ersona-

ReevantReevant

1nticipated people look for#ard to hearing from you.

:ersonal the messages are directly related to the individual.

4elevant the marketing is a$out something the prospect isinterested in.


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MarketingMarketing

"ith"ith

A MeaningA Meaning


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DirectMarketing

'ermissionMarketing

Marketing"ith Meaning

Approa%h the%on#mer$ire%t!y, #in"tar"ete$information+

See. %on#merappro&a! an$inpt prior tothe approa%h

Createmar.etin" thatin&ite#%on#merparti%ipation

A$&erti#in"arri&e# at myhome 8hether I!i.e it or notB

I %an %hoo#e8hether or notto re%ei&ere!e&anta$&erti#in"B

The mar.etin"it#e!f impro&e#my !ife, #o I 8i!!'oth noti%e yoan$ "i&e yomy '#ine##B

Te!! an$ #e!!Bmono!o"e

Gi&e an$ ta.eB$ia!o"e

a!ea$$e$B'enet

Interrption Athoriation Ser&i%e

-o%# on

me$im

-o%# on

me##a"e

-o%# on

meanin"


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The Con%ept

•It is a$out improving customers lives through the marketing itself.

•It adds value to peoples lives independent of purchase.

•Its marketing that is more meaningful than the product itself.

•4esearch sho#s that Jmore meaningful people find a companysmarketing, the more theyll $e #illing to pay for its stuff, more investmenttheyll make in it emotionally and more motivated theyll $ecome to spreadthe #ord.

•It does not suggest cause marketing. -eaning translates into 8personalvalue 9 meaning can vary from person to person.•-arketing #ith meaning has t#o consistent traits•Its marketing that people choose to engage #ith.•Its marketing that itself improves peoples lives.

Marketing "ith Meaning+


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Marketing "ith Meaning+The Mode

)he hierarchy presents the three tiers of meaningful marketing&0olution+onnection 1chievement

1s a tool to accurately identify customers needs and $egin thinking a$out

ho# marketing can fulfill these needs at the corresponding levels

•Survival needs (food, shelter, safety and clothing* K meaningful solutions

•1ttachment needs (love, $elonging, friendship, family* K meaningfulconnections

•)steem needs (confidence, creativity, pro$lem solving, respect for and$y others* K meaningful achievements


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Brands seek higher meaning:eople seek higher meaning

1 2e# -odel

8 -arketing #ith -eaning

Interruption

8)ell and 0ell

Both Brands and :eople 0eek /igher -eaning


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• ) he h ierarc h y o f me

an ing fu l mar ke t ing a

l igns # i t h -as lo # s h ierarc h y

o f needs.

•In @ H FLs -as lo # rese

arc hed f igures l i ke 7

ins te in and d isco vere

d t #o

impor tan t t h ings

• :eop le are programm

ed to con t inua l l y crea te ne # need

s and s tr i ve to

sa t is f y t hem.

• ) here is a common

and pred ic ta $ le prog

ress ion o f t hese nee

ds among

a l l peop le,

s tar t ing # i t h sur v i va l

and sa fe t y and mo v

ing to #ard h ig her &

le ve l soc ia l, es teem and ac h ie vem

en t needs as t he mo

re $as ic needs

are me t.


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The /ierarchy of Meaningful Marketing

#hat Meaningfu Marketers Kno"


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#hat Meaningfu Marketers Kno"

@. -eaningful -arketers never push. )hey invite prospective

customers in $y creating marketing that appeals to the higherunmet needs in their overall lives.

A. -eaningful marketers kno# that most of our $asic needs aresatisfied $y the products and services #e already $uy. But that isnot to say that the marketers of these $asic products are exemptfrom creating marketing #ith meaning 9 on the contrary , if you sella commodity, the need and opportunities for you to createmarketing #hose meaning transcends your product are limitless.

;. -arketing itself must improve consumers lives and accomplish

something of intrinsic value , independent of the product or serviceit aims to sell, #hether or not people actually ever purchase it.

. -ore meaning K more money. ( )he longer eCuation is moremeaning K more loyalty K higher prices K increased sales*

new trends in marketing-final

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